A TECHNICAL UPDATE ON CNX-BANK NIFTY—21.11.2023

 

2

CNX-BANK NIFTY

Open---43591.50---High—43724---Low---43450.05---Close—43584.95 on 20.11.2023.

Support:43345.95/43078.90/43038.25/ 42986.45/42582.20/42105.40/41962/41840.15/41829.60/41729/41569/40819.15/39600.25/39419.50..

Resistance: 43600.35/43796.75/43830.75/44151.80/44279.40/44498.60/44547.80/44710.55/44779.65/44949.90/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/45905.85/46310.40/46369.50/.    

 (Bold and underlined figures are most important)

It opened on a flat note and had both side moves during the day and finally ended the day on a flat note with a meager gain of 1 point. It is still into deep short & medium term correction mode for its earlier rise and slipped into deep short correction mode for its recent rise as it  well below its threshold point of 43874.48(figure may change) and the long term uptrend is also slightly threatened, it slipped below its short term moving averages on the daily & weekly chart, below its medium term averages on the daily chart and some below weekly chart also and most importantly it is below some of its long term moving averages, it has broken recent bottom on the bar and line chart, therefore all together it is looks highly concerning and if does not stage a sharp bounce back in next 1-2 trading session then the downslide may continue. But please that that the only good point is that it is well above its most critical and trend deciding range of 43345.95---43112----43058---43038.25----42986.45(figures may change) and as long as it holds this range chances of up move will be alive. But for the smooth and steady up move it has to move above 43900---44151.80--- 44231(figures may change) and sustain on the closing basis. Please note that to get into the strong up momentum track it has to close above 44421---44710.55----44750---45363---45517(figure may change) and sustain on the closing basis.  Please note that four out of  five important technical indicators on the daily chart are still positive now, therefore the on-going up move can still extend further provided it holds the key support range as mentioned above, four out of five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore on the weekly & monthly chart it is still highly concerning and indicates that after the extended up move( which seems have ended) it may still witness deep fall in coming days/ weeks/months because it is the up move within the downtrend as of now. Furthermore the price action has also not been consistently positive in the recent past and  it  is still weak, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now. The short term technical setup has weakened, so be watchful and alert. 

Moving up from here it may face resistance at 43865---43734----44151.80---44229---44237---44711---44741---45118---45363----45469---45517---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.  

Kindly note that moving down from here it’s possible support points would be at 43504.95---43345.95---43284---43112---43038.25---42986.45---42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, It is already into deep correction mode  and sustained break below the range of 43345.95---42987 may trigger big fall and will severely threaten the long term uptrend too.

IMPORTANT NOTE: -- It seems that the on-going up move may be over but chances of bounce back are still alive till it holds the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43345.95 and sustains. Please note that it may get into strong up momentum track only if it moves above 44710.55(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trades for the day. But aggressive traders can also try long trade on decline near or within the range of 43345.95---43000 with a stop loss of 42900.

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 43850---43950 with a stop loss of 44050 or can sell below 43580 with a stop loss of 43750 for intraday corrective gains. It could be a risky trade.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—21.11.2023

 

CNX-NIFTY

Open-19731.15---High—19756.45--Low-19670.50--Close-19694 on 20.11.2023.

Support: 19645.50/19635.30/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18108.30/18042/17992.20/17959/17824/17774.25/17761.85/17553.95.

Resistance: 19849.75/19867.55/19875.25/19991.85/20222.45.

 (Bold and underlined figures are most important)

It opened on a negative note and then moved in a range and finally ended the day with a loss of 37.80 points. It is still into deep short term correction mode for its earlier rise and it has slipped into short correction mode for its recent rise as it is below its threshold point of 19746.44 and break below 19662 & 19630(figure may change) will push it into deep short correction mode for its very recent rise. But the important and good thing is that the short term technical setup is still good, it is above its short, medium  and long term moving averages on the daily & weekly chart,  it is still holding on to  higher top & bottom on the line & bar chart, it is well above its recent critical range of 19660---19550----19340(figure will change every day) and most importantly it is well above its most critical range of 19255---19223.60---19165---19162(figures may change) therefore as long as it holds the above mentioned range the up move is likely to continue with intermittent correction, but break below the range of 19660---19550---19340 could be highly concerning and can drag it down. Please note that to get into the strong up momentum track it has to close above 19849.75—19946&19991.85(figure may change) and sustain on the closing basis. It did move above 19849.75 on 16.11.2023 but could not sustain on the closing basis.  Please note that all the five important technical indicators on the daily chart are positive now therefore the on-going up move can extend further provided it holds the key support range as mentioned above, furthermore four out of five indicators on the weekly chart are negative now and most importantly weakness has trickled down to monthly chart also in few indicators , therefore weekly & monthly chart indicators are still highly concerning and indicates that after possible extended up move it may still witness deep fall in coming weeks/months because it is the up move within the downtrend till it closes above 19849.75 as of now. Furthermore the price action has also not been consistently positive in the recent and it continues to be dicey for the 2^nd day, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days.   Its long term uptrend is intact as of now, but deep short term correction mode is on and the meaningful pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19746.44---19849.75---19896---19946--19991.85 (figure may change), it may correct at any of these points and then may resume the up move again or rally may exhaust also, so be watchful. Please note that sustained close above 19849.75 will put it in the strong up momentum; else it may start to drift down.

Kindly note that moving down from here its strong support points would be -19694---19662---19647---19630---19367----19329---19245----19223.60---19165---19154--19077----18973.70---18887.60---18837.85---18670---18604.45---18615---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, if it holds 19647 on the closing basis then it could retest its important top of 19849.75 or may go beyond it also, it has slipped into very short correction mode now ,break below  19662 & 19630 will push it into deep short correction mode for its recent rise, break , break below 19329 may accelerate the fall, sustained break below the range of 19255---19223.60---19165---19154 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 18670 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - It is making inside bar for the last two days therefore it seems that it is preparing for a big move in next 1-2 trading session, it could be on either side, so be watchful. Please note that if it holds 19660---19674---19550---19340 on the closing basis up move may continue, else it may drift down. Therefore still it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or much lower levels in coming weeks provided it moves below 19223.65 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode as of now and it may get into strong up momentum track only if it moves above 19849.75(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade for the day. However, aggressive traders can  try long trade on decline near or within the range of 19670----19630 with a stop loss of 19600 or near or within the range of 19223----19165 with a stop loss of 19130. Please note that long trade below 19667 could be a risky affair for the day.

2. Its long term uptrend is intact but it is still into deep short term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19780—19810 with a stop loss of 19880 for intraday corrective gains.  

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—20.11.2023

 

2

CNX-BANK NIFTY

Open---43656.25---High—43872.85---Low---43513.85---Close—43583.95 on 17.11.2023.

Support:43345.95/43078.90/43038.25/ 42986.45/42582.20/42105.40/41962/41840.15/41829.60/41729/41569/40819.15/39600.25/39419.50..

Resistance: 43600.35/43796.75/43830.75/44151.80/44279.40/44498.60/44547.80/44710.55/44779.65/44949.90/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/45905.85/46310.40/46369.50/.    

 (Bold and underlined figures are most important)

It opened with huge gap down and then moved in a range and finally ended the day with a loss of 577.60 points. It is still into deep short & medium term correction mode for its earlier rise and slipped into deep short correction mode for its recent rise as it closed well below its threshold point of 43874.48(figure may change) and the long term uptrend is also slightly threatened, it slipped below its short term moving averages on the daily & weekly chart, below its medium term averages on the daily chart and some below weekly chart also and most importantly it is below some of its long term moving averages, it has broken recent bottom on the bar and line chart, therefore all together it is looks highly concerning and if does not stage a sharp bounce back in next 2-3 trading session then the downslide may continue. Please that despite the huge fall the only good point is that it is well above its most critical and trend deciding range of43345.95---43112----43042---43038.25----42986.45(figures may change) and as long as it holds this range chances of up move will be alive. But for the smooth and steady up move it has to move above 43900---44151.80--- 44229(figures may change) and sustain on the closing basis. Please note that to get into the strong up momentum track it has to close above 44490---44710.55----44750---45363---45517(figure may change) and sustain on the closing basis.  Please note that four out of  five important technical indicators on the daily chart are still positive now, therefore the on-going up move can extend further provided it holds the key support range as mentioned above, four out of five indicators on the weekly chart are negative and most importantly weakness has trickled down to monthly chart also in few indicators , therefore on the weekly & monthly chart it is still highly concerning and indicates that after the extended up( which seems have ended) move it may still witness deep fall in coming days/ weeks/months because it is the up move within the downtrend as of now. Furthermore the price action has also not been consistently positive in the recent and today it was terribly weak, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days. It is into deep short & medium term correction mode now. The short term technical setup has got a jolt today but the bias  is still  positive  as of now. 

Moving up from here it may face resistance at 43865---43734----44151.80---44229---44237---44711---44741---45118---45363----45469---45517---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

Kindly note that moving down from here it’s possible support points would be at 43504.95---43345.95---43284---43112---43038.25---42986.45---42879---42720---42589.65---42559.50---42520---42473---42401---42386---42279---42252---42100---41984---41907---41829.60---41576---40948----40444---40164---39370(figure may change) it may bounce back from any of these points, I is already into deep correction mode  and sustained break below the range of 43345.95---42987 may trigger big fall and will severely threaten the long term uptrend too.

IMPORTANT NOTE: -- looking at today’s move it seems that the on-going up move may be over but chances of bonce back is still alive till it holds the range of 43345.95---42987, especially the 43345.95 levels in particular. Therefore it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 41000 or much lower levels in coming weeks provided it moves below 43345.95 and sustains. Please note that it may get into strong up momentum track only if it moves above 44710.55(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trades for the day. But aggressive traders can also try long trade on decline near or within the range of 43345.95---43000 with a stop loss of 42900. Please note that long trade below 43500 could be a risky affair for the day.  

2. It is already into deep short and medium term correction mode and long term uptrend is also threatened, but the meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution. Short trade can be tried on the rise near or within the range of 43950---44000 with a stop loss of 44100 or can sell below 43490 with a stop loss of 43680 for intraday corrective gains.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—20.11.2023

 

CNX-NIFTY

Open-19674.75---High—197806--Low-19667.45--Close-19731.80 on 17.11.2023.

Support: 19645.50/19635.30/19584.45/19523.40/19492.10/19480/19333.60/19329.10/19296.45/19253.60/19223.65/19204.85/18973.30/18887.60/18837.85/18646.70/18604.45/18555.40/18464.55/18350.95/18131.70/18114.65/18108.30/18042/17992.20/17959/17824/17774.25/17761.85/17553.95.

Resistance: 19849.75/19867.55/19875.25/19991.85/20222.45.

 (Bold and underlined figures are most important)

It opened on a negative note and then moved in a range and finally ended the day with a loss of 33.40 points. It is still into deep short term correction mode for its earlier rise and it has slipped into short correction mode for its recent rise as it is below its threshold point of 19746.44 and break below 19662 & 19630(figure may change) will push it into deep short correction mode for its very recent rise. But the important and good thing is that the short term technical setup is good, it is above its short and medium term moving averages on the daily & weekly chart,  it is still holding on to  higher top & bottom on the line & bar chart, it is well above its recent critical range of 19670---19550----19337(figure will change every day) and most importantly it is well above its most critical range of 19245---19223.60---19165---19154(figures may change) therefore as long as it holds the above mentioned range the up move is likely to continue with intermittent correction, but break below the range of 19670---19550---19337 could be highly concerning and can drag it down. Please note that to get into the strong up momentum track it has to close above 19849.75—19946&19991.85(figure may change) and sustain on the closing basis. It did move above 19849.75 on 16.11.2023 but could not sustain on the closing basis.  Please note that all the five important technical indicators on the daily chart are positive now therefore the on-going up move can extend further provided it holds the key support range as mentioned above, furthermore four out of five indicators on the weekly chart are negative now and most importantly weakness has trickled down to monthly chart also in few indicators , therefore weekly & monthly chart indicators are still highly concerning and indicates that after possible extended up move it may still witness deep fall in coming weeks/months because it is the up move within the downtrend till it closes above 19849.75 as of now. Furthermore the price action has also not been consistently positive in the recent and it was dicey today, so watch out. Please note that for a smooth up movement steady positive price action is needed, else the up move can abruptly end. It is therefore suggested to keep an eye on the price action and see how it behaves in coming days.   Its long term uptrend is intact as of now, but deep short term correction mode is on and the meaningful pullback mode is also on. The short term bias is positive as of now. 

Moving up from here it may face resistance at 19746.44---19849.75---19896---19946--19991.85 (figure may change), it may correct at any of these points and then may resume the up move again or rally may exhaust also, so be watchful. Please note that sustained close above 19849.75 will put it in the strong up momentum, else it may start to drift down,  if it moves above 19946 and sustain on the closing basis then it could retest its all-time high of 20222.45 or can go beyond it.

Kindly note that moving down from here its strong support points would be -19694---19662---19647---19630---19367----19329---19245----19223.60---19165---19154--19077----18973.70---18887.60---18837.85---18604.45---18615---18350.95---18131.70----18105.30(figure may change) it may bounce back from any of these points, if it holds 19647 on the closing basis then it could retest its important top of 19849.75 or may go beyond it also, it has slipped into very short correction mode now ,break below  19662 & 19630 will push it into deep short correction mode for its recent rise, break , break below 19329 may accelerate the fall, sustained break below the range of 19245---19223.60---19165---19154 will trigger fresh fall,  sustained break below 18973.70 will weaken it further, sustained break below 18887.60 & 18837.85 will be an extreme alert point for further fall, sustained break below 18659 will potentially threaten the long term uptrend and finally sustained break below 18131.70 & 18105.30  may accelerate the fall, which may please be noted.

IMPORTANT NOTE: - As envisaged the on-going up move hit a high of 19875.25 on 16.11.2023 and if it manages to hold the range of 19670---19550---19337. Therefore still it is buying on decline market now till it holds the mentioned range. But please note that weekly indicators are still pointing towards big fall in coming weeks and it could head down to 18000 or much lower levels in coming weeks provided it moves below 19223.65 and sustains. Please note that the on-going up move is just a pullback rally in corrective mode as of now and it may get into strong up momentum track only if it moves above 19849.75(figure may change) and sustains on the closing basis, else it may exhaust also at any point of time. So be watchful.

TRADING TIPS:--

1. For safe traders long trade can be tried if it moves above 19766 and maintain for some time with a stop loss of 19690 and avoid buy on decline for the day. However, aggressive traders can also try long trade on decline near or within the range of 19670----19630 with a stop loss of 19590 or near or within the range of 19223----19165 with a stop loss of 19130. Please note that long trade below 19667 could be a risky affair for the day.

2. Its long term uptrend is intact but it is still into deep short term correction mode but meaningful pullback up move is also on, even then short trade can be attempted on reasonable rise for pullback gains but with extreme caution and alert. Short trade can be tried on the rise near or within the range of 19810—19850 with a stop loss of 19890 for intraday corrective gains.  

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com